ATLANTA—Columbia Property Trust, Inc. reports it has sold a total of three office buildings in Orlando, FL, Columbia, MD, and Florham Park, NJ that will reap the office REIT net proceeds of $88.5 million.
The office buildings sold by Columbia Property Trust include the 247,624-square-foot Class-A office property at 7031 Columbia Gateway Drive in Columbia, MD. The property was sold to building tenant MICROS Systems, Inc.
The firm also sold the 128,296-square-foot Class-A SunTrust Building at 200 South Orange in Orlando, FL, to Susquehanna Holdings, Ltd., and the previously vacant 240,274-square-foot Class-B office property at 160 Park Ave. in Florham Park, NJ. The office building, formerly known as 180 Park Ave. #103, was sold to new user Automatic Switch Company.
Nelson Mills, president and CEO of Columbia Property Trust, says of the property dispositions, “Consistent with our previous asset recycling activity, these transactions continue to improve the overall performance and quality of our portfolio by reducing our exposure to single-tenant and suburban assets and tightening our market concentration, from 16 to 15 total markets.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
